保隆科技：24Q2业绩符合预期，空悬新车量产在即

Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 37.6 CNY per share over the next six months [4][5]. Core Views - The company achieved a revenue of 3.184 billion CNY in the first half of 2024, representing a year-on-year increase of 21.68%, while the net profit attributable to shareholders was 148 million CNY, down 19.4% year-on-year [1][2]. - In Q2 2024, the company reported a revenue of 1.7 billion CNY, with year-on-year and quarter-on-quarter growth of 18.97% and 14.69%, respectively. The net profit for the same period was 80 million CNY, showing a year-on-year decline of 11.5% but a quarter-on-quarter increase of 18.09% [1][2]. - The company is experiencing growth in its TPMS, air suspension, and sensor segments, with significant increases in market share and profitability [1][3]. Revenue Analysis - The revenue breakdown for the first half of 2024 includes: - TPMS: 985 million CNY, up 19.66% year-on-year - Metal pipe fittings: 750 million CNY, up 8.41% year-on-year - Valves: 378 million CNY, up 5.1% year-on-year - Air suspension: 424 million CNY, up 44.5% year-on-year - Sensors: 310 million CNY, up 51.71% year-on-year [1][2]. Profitability Analysis - The gross margin for Q2 2024 was 25.08%, reflecting a decline of 4.37 percentage points year-on-year and 2.31 percentage points quarter-on-quarter, primarily due to customer concentration and rising shipping costs [2]. - The net profit margin for Q2 2024 was 5.24%, down 1.35 percentage points year-on-year but up 0.64 percentage points quarter-on-quarter [2]. Future Outlook - The company expects to see rapid growth in its air suspension business, with production ramping up for models from NIO and BYD, and a projected increase in production capacity for the second half of the year [3]. - The company forecasts net profits of 400 million CNY, 580 million CNY, and 770 million CNY for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 15, 10, and 8 times [4][7].